NYMEX-Crude ends up as Wall St gains, dollar down

NEW YORK, July 31 (Reuters) - U.S. crude futures gained
more than 3 percent on Friday, moving up with Wall Street,
after U.S. GDP data for the second quarter showed the economy
contracted less than expected and bolstered hopes that the
recession was easing.

The dollar fell across the board, pressured by month-end
dealings and the U.S. economic data, [USD/], making commodities
such as oil more attractive to investors.

The day's gains added to a nearly 6 percent rebound on
Thursday, lifting up crude futures for three straight weeks.

Front-month August RBOB gasoline and heating oil futures
expired, notching sharp gains in volatile trading.

"Crude futures are up as the dollar is getting trashed,
while equities are starting to pick up some steam," said Tom
Knight, trader at Truman Arnold in Texarkana, Texas.

"Gasoline futures are leading the complex, with news of
refinery problems in Europe involving BP and Total supportive,
in addition to yesterday's news of Sunoco shutting down a
gasoline-making unit at the Girard Point section of its
Philadelphia refinery," he added.

The U.S. economy contracted at a slower-than-expected pace
in the second quarter, government data showed. The GDP has
fallen for four straight quarters for the first time since
government records started in 1947. [ID:nN30365410]

Consumer spending, which accounts for more than two-thirds
of U.S. economic activity, fell 1.2 percent in the second
quarter, after rising 0.6 percent in the previous quarter.

U.S. stocks rose on the GDP data and a report that business
activity in the Midwest rose in July, which investors took as a
sign the recession is easing. [.N]

U.S. President Barack Obama said he was "guardedly
optimistic" about the direction of the U.S. economy after the
GDP data showed the economy shrank modestly in the second
quarter. [ID:nN31440273]

PRICES

* On the New York Mercantile Exchange, September crude
CLU9 settled up $2.51, or 3.75 percent, at $69.45 a barrel,
the highest close since June 30's $69.89. It traded from
$64.96 to $69.74.

* In three weeks, front-month crude futures have gained
$9.56, or 15.96 percent.

* The June 30 peak of $73.38 was the highest intraday
front-month crude oil price since crude hit $75.69 on Oct. 21.

* In London, September Brent crude LCOU9 ended up $1.59,
or 2.27 percent, at $71.70 a barrel, trading from $68.06 to
$72.12.

* NYMEX August RBOB RBQ9 settled up 5.37 cents, or 2.7
percent, at $2.0448 a gallon, the highest close since June 18's
$2.0295. It traded from $1.9491 to $2.0650.

* NYMEX August heating oil HOQ9 finished up 2.51 cents at
$1.7938 a gallon, trading from $1.7166 to $1.82, the highest
since July 1's high of $1.8291.

* The September/September RBOB crack spread <0#RB-CL=R>
ended at $15.08, edging up from $15.02 on Thursday. The
September/September heating oil crack spread <0#CL-HO=R> ended
at $7.52, down from $8.25 on Thursday.

* The spread between the current front month and the
five-year forward crude contract CLc61 ended at $16.79,
narrowing from $19.32 on Thursday. The September 2014 contract
settled unchanged at $86.24.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $66.20/$63.79

Technical support/resistance:

NYMEX crude: $64.91/$68.75

NYMEX heating oil: $1.7442/$1.8356

NYMEX RBOB: $1.9051/$1.9977

For a full report on technicals, click on [ID:nLV517916]

MARKET NEWS

* BP (BP.L) shut Europe's second largest oil refinery on
Friday after a power outage, while gasoline units were closed
in France and Germany by Total (TOTF.PA) and a joint venture
including Shell (RDSa.L). [ID:nLV541184]

* The National Association of Purchasing Management-Chicago
business barometer rose to 43.4 from 39.9 in June. Economists
had expected a reading of 43.0. [ID:nN31421044].

* A measure of future U.S. economic growth climbed higher
in the latest week, while its yearly growth rate hit a fresh
five-year high, the Economic Cycle Research Institute said.
[ID:nNYS005274]

* For a list of recent refinery and unit shutdowns and
restarts, click [REF/US].
(Reporting by Gene Ramos and Robert Gibbons; Editing by Walter
Bagley)